Looking for feedback from those of you who've been in one industry, tried to change at a later age, and the associated consequences.
My situation: Worked as an electrical engineer for ~ 20 years total. Got burned out/very unhealthy from all the travel/stress. Actually took 4.5 years off of work to regain health/determine where to go from there. Chose to pursue a career in the "financial industry" as I've been an active investor/options trader for nearly 25 years.
Currently 50 and employed as a FA, but getting little traction. Received a job offer to go back into engineering where the starting salary is more than double what I currently make. My conundrum is that the position I'm in now is, in no way, what I expected it to be. Secondly, after getting so unhealthy in my previous engineering position, I'm concerned about the same issues should I choose to return.
In a position financially such that, as long as no major issues transpire personally, professionally or in the markets for a protracted period of time, I will be able to retire within 7 years.
Wrestling with whether to take a job that pays ~ 2.15 times what I currently make, but that I know will be extremely stressful, or staying in an industry where the remuneration is much less rewarding, but so is the stress level.
Thoughts? Suggestions? Perspectives? As I've told my bride many times, I don't want to sacrifice my quality of life for money, but banking the extra cash would accelerate my ability to retire, perhaps by 55. Trying to do a cost/benefit analysis on something like this is beyond my abilities.
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I'm barely half your age, but I think this cost/benefit really depends on your preferences and how much you want to retire by 55/how much you hate electrical engineering. How long have you been employed as a FA? How happy would you be in the FA position if your responsibilities and comp don't change much in the next 2-3 years?
Assym,
Thx for responding. In a nutshell, I do not "hate electrical engineering", I just hated what the job had done to me. To be more precise, I hated what I'd allowed the job to do to me. I never said NO to a field assignment, never said no to taking on more projects, etc. etc. The company for which I worked was #1 on Forbes best companies to work for ~ 10 yrs. ago and they do treat their employees well. However, they also demand a lot. Completely understandable.
I have been an FA for a couple of years but don't see the comp going up considerably. I don't have a large pool of personal acquaintances who have very large minimums and are ready to move, or get into a relationship, with a FA.
I've got enough such that I could probably turn it in now, but I have 1 who is a junior in college and a second who is entering college this fall. Both 529s are stuffed, but I'd like to find something for another 3 - 5 yrs that isn't too stressful but pays a decent salary.
Thx again
What are the stressors for the engineering job? Is stress due to the nature of the work or is it more company specific? Could you find a related engineering job with less stress but still more pay than your FA gig?
Thx for the time. I'm looking for something as a tangent to the engineering field, but with my experience, I'm too expensive for a position like that, and I just literally don't want the burden of having to manage 10 - 15 people again. Too much politics, too much stress, too much travel, too little time..... Something I could fill pages with, but suffice it to say, I take my work seriously and found myself NEVER being able to disconnect or decompress. It took its toll after years.
Thx to any/all who commented on this post. I have made the decision, after extensive negotiations, to return to my original profession. Short version: Sat down with the CEO and head or HR last Fri. They added enough additional comp, plus 4 weeks paid vacation and one week of PTO, collected during my first year, to make the move. I start my role as electrical department manager on 2 April.
Best wishes to those of you in the finance field, most specifically those in the FA line of work. Probably the most challenging position to become successful in that I've ever experienced. The FA field really has nothing to do with investing, market analysis, portfolio analysis, liability reduction, etc. etc. etc. It's all about sell, sell, sell (more appropriately, acquire, acquire, acquire new clients). Did NOT fit my personality and was not mentally challenging, but quite demoralizing to be turned down consistently.
Truth is, I didn't believe in what I was trying to sell. I know a FA is right for certain people, but I never ran in circles where people had enough money such that they just didn't want to be bothered by handling it themselves. A completely foreign concept to me.
Regardless, good luck to any/all FAs out there who are busting their butts, trying to cultivate clients. Also, best of luck to all new grads out there who are just entering the workforce. Soak up all you can, be on time (or early), be willing to take on that extra task that no one else wants to do. Try not to compare yourself to anyone else in the organization and stay away from office politics. Work hard, regardless of whether you're being watched or not. Don't do or say anything at work that you wouldn't feel comfortable doing or saying in front of your grandmother.
Lastly, try to enjoy what you're doing. You will most likely spend the next 30 - 40 years in the workforce, so finding something you enjoy is critical. Good luck out there.
I'm glad to hear you were able to get better work-life balance and comp at your old firm. I do hope you stick around here though; it's always good to hear the thoughts of more seasoned folks, no matter the industry.
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